Research and development expenses were $635,000 compared to $355,000 in the same period last year. Research and development costs increased due to a non-recurring loss of $278,000 pertaining to a disposal of the floater mechanisms of the Gibraltar wave energy array, due to the relocation of the Gibraltar Conversion Unit to the Port of Los Angeles. The floater mechanisms of the Gibraltar power station were sent to steel recycling, while the conversion unit was fully overhauled and refurbished and shipped to Los Angeles. Eco Wave Power intends to develop and supply new and upgraded floaters for its planned pilot in AltaSea’s premises in the Port of Los Angeles, to optimally meet the local marine conditions.Sales and marketing expenses were $300,000 compared to $220,000 in the same period last year.
General and administrative expenses were $1,186,000 compared to $715,000 in the same period last year. This increase was mainly the result of a $269,000 increase in insurance costs as well as an increase in professional services expenditures associated with the capital reorganization in 2021.
Other income of $15,000 was generated from management fees in a joint venture.
Share of net loss of a joint venture accounted for using the equity method for the six months ended June 30, 2022 was $10,000, which was primarily attributable to management fees.,
Operating loss was $2.1 million compared to $1.3 million in the same period last year.
Net financial income was $681,000, compared to $45,000 in the same period last year. This increase was primarily attributable to an increase in income from foreign exchange differences due to the increased value of the USD against the SEK.
Net loss was $1.4 million, or $0.03 per basic and diluted share, compared to a net loss of $1.2 million, or $0.04 per basic and diluted share in the same period last year.
The Company ended the period with $12.3 million in cash and cash equivalents, compared to $14.6 million as of December 31, 2021.
Capital Markets
As previously announced, Eco Wave Power has completed the transition to a single exchange for trading in its securities. The last day of trading for the Company’s common shares on Nasdaq First North was June 13, 2022, and beginning on June 14, 2022, Eco Wave Power’s only listed securities are its American Depositary Shares («ADSs») which trade on the Nasdaq Capital Market under the ticker «WAVE».
Conference Call and Webcast Information
A conference call to discuss the financial results will be held the following morning Wednesday, September 28, 2022, at 9 a.m. Eastern time. Inna Braverman, CEO, will host the call.
The dial-in numbers for the conference call are 888-506-0062 (toll-free) or 973-528-0011. If requested, please provide participant access code: 234153.
The event will be webcast live, available at: https://www.webcaster4.com/Webcast/Page/2922/46561.
A replay will be available by telephone approximately two hours after the call’s completion until Wednesday, October 12, 2022. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers and using the Replay Conference ID 46561. The archived webcast will also be available on the Company’s investor relations section of its website.
Individual Meeting Information
In an effort to increase relations with institutional investors, management has dedicated time to hosting individual meetings with portfolio managers and analysts on September 29, 2022. If you are interested in scheduling a meeting with management, please contact wave@fnkir.com.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
The Company is currently finalizing the construction of its grid connected project in Israel, with co-investment from the Israeli Energy Ministry, which recognized the Eco Wave Power technology as «Pioneering Technology» and will soon commence the installation of its newest pilot in AltaSea’s premises in the Port of Los Angeles. The Company also holds concession agreements for commercial installations in Europe and has a total projects pipeline of 327.7 MW.
Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the «Global Climate Action Award» from the United Nations.
Eco Wave Power’s ADSs are traded on the Nasdaq Capital Market under the ticker «WAVE».
Read more about Eco Wave Power at www.ecowavepower.com. Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
inna@ecowavepower.com
+97235094017
Aharon Yehuda, CFO
aharon@ecowavepower.com
Investor contact:
Matt Chesler, FNK IR
+1 646 809 2183
wave@fnkir.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the «safe harbor» provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as «expects,» «anticipates,» «intends,» «plans,» «believes,» «seeks,» «estimates» and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave Power is using forward-looking statements when it discusses that: the Company is building out a pipeline of ancillary technology services that it may provide to its customers and other parties; that the Company is advancing the build out of new deployments in Jaffa, Israel, the Port of Los Angeles and concession agreements in Portugal and Spain, moving large scale deployments in the near future; that the Inflation Reduction Act of 2022 will serve as a significant boost to the Company’s commercialization plans in the United States; and that the energy conversion unit in transit to AltaSea at the Port of Los Angeles will arrive in early October 2022. These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading «Risk Factors» in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the SEC, which is available on the on the SEC’s website, www.sec.gov.
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)
Eco Wave Power Global AB (publ)
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
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